Inmobiliaria Colonial SOCIMI (COL) Q2 2026 earnings summary

Executive summary

• Achieved 5% year-over-year rental income growth to €207m and 4% recurring earnings growth to €111m in H1 2026, with strong performance in core markets and rising occupancy rates.

• EPRA EPS increased 4% to 17.8 cents, supporting full-year guidance and medium-term targets.

• Occupancy improved by 200 basis points to 94%, with notable rental growth and relet spreads, especially in Paris.

• Maintained investment grade credit ratings and ample liquidity, supporting ongoing growth initiatives.

• Strategic entry into Berlin’s CBD through a majority stake in a €300m prime portfolio, targeting >8% IRR.

Financial highlights

• Gross rental income reached €207.4m, up 5% year-over-year; like-for-like growth at 4%.

• EPRA earnings at €111.4m, up 4% year-over-year; recurring EPS at €0.178 per share.

• Net tangible assets at €6.0bn; NTA per share at €9.82, up 1.2% in six months.

• Gross asset value at €12.1bn, up 3.4% like-for-like year-over-year.

• Group net profit reached €230m, reflecting solid operating results and strong rental growth.

Outlook and guidance

• Full-year 2026 EPRA EPS guidance of €0.34–€0.35 per share confirmed; 2028 guidance of €0.39–€0.41 per share remains on track.

• Midterm EPRA EPS growth guidance reaffirmed, with secured rents covering 40% of the 2028 target.

• Continued focus on organic rental growth, project deliveries, and disciplined capital recycling to support medium-term earnings objectives.